I (24f) don't have any adults in my life and have been figuring shit out as I go. My credit score is around 660 , no debt , 1 open credit card account, and I've been building it for about 2 years I believe. I'm looking to take out a 4000 loan to buy a car. The problem is that I don't have a savings. I take care of my 3 younger siblings and where I live doesn't have much to any public transportation not even sidewalks half the time. I have to Lyft / Uber back and forth to work, groceries , school stuff , emergencies etc and that makes it hard to save. I just got a job offer that's not only closer but pays more. I'm thinking I'll take out the loan , get a car and then use this new job to save and pay off said loan.. Any advice helps ! Thank you 🙂
I need help taking out a loan
byu/Diligent_Promotion30 inpersonalfinance
Posted by Diligent_Promotion30
3 Comments
Try a local credit union.
Your credit is not good. Any APR you get is going to be insane. Try to find one less insane.
A car loan will be cheaper than a personal loan, so make sure you’re looking for the right thing.
It still won’t be great. Your score is mediocre. Look for a very cheap used car and save money.
Make sure you budget for gas and insurance – sometimes the car itself is the cheapest part long term. If you can get a mechanically sound older Toyota or Honda, they are usually good. You want mechanically solid and well-maintained over pretty. Good luck!